6 - E FL Insurance Rules and Regulations Question and answers rated A+ 2023
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6 - E FL Insurance Rules and Regulations Question
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6 - E FL Insurance Rules And Regulations Question
6 - E FL Insurance Rules and Regulations Question and answers rated A+ 2023Which of the following is NOT true about the National Association of Insurance Commissioners?
A. It is a non-profit coalition of state insurance agencies
B. It works to harmonize state insurance laws and regulations
C. ...
6 - E FL Insurance Rules and Regulations Question and answers rated
A+ 2023
Which of the following is NOT true about the National Association of Insurance Commissioners?
A. It is a non-profit coalition of state insurance agencies
B. It works to harmonize state insurance laws and regulations
C. It provides benefits for insurance commissioners
D. It drafts model legislation that is frequently adopted by most states - correct answer C. It provides benefits for insurance commissioners
Jill wants to start an insurance agency selling property insurance. As such, she must belong to a Guaranty Association, of which there are a few different types. Which of these groups would best fit Jill's needs?
A. Florida Property Insurance Guaranty Association
B. Florida Workers' Compensation Insurance Guaranty Association
C. Florida Life & Health Insurance Guaranty Association
D. Florida Insurance Guaranty Association - correct answer D. Florida Insurance Guaranty Association
The Commissioner of Insurance Regulation oversees the Office of Insurance Regulation. Which of the following is NOT one of the functions of the OIR?
A. Overseeing licensing of all adjusters in the state of Florida.
B. Enforcing statutes related to the insurance industry.
C. Monitoring the financial stability of insurers.
D. Overseeing licensing of all insurers in the state of Florida. - correct answer A. Overseeing licensing of all adjusters in the state of Florida.
The Insurance Guaranty Association is a mechanism that covers claims in the event of:
A. an insured's bankruptcy.
B. government intervention.
C. an insurer's insolvency.
D. catastrophic disaster. - correct answer C. an insurer's insolvency.
In 1945 Congress passed the McCarran-Ferguson Act. What does that act do?
A. Gives the Federal government the authority to regulate the insurance industry
B. Makes insurance regulation a county responsibility C. Gives the states the authority to regulate the business of insurance
D. Provides for insurance coverage for the poor - correct answer C. Gives the states the authority to regulate the business of insurance
Which of these statements about foreign insurers in Florida is TRUE?
A. A foreign insurer must offer lower rates, but with higher deductibles, than domestic insurers.
B. A foreign insurer can usually only issue insurance to someone who was denied coverage by domestic insurers.
C. A foreign insurer can usually only issue insurance in amounts above regular policy limits.
D. A foreign insurer does not need a certificate of authority from the state of Florida as long as it has one from its home state. - correct answer B. A foreign insurer can usually only issue insurance to someone who was denied coverage by domestic insurers.
Guaranty Associations are funded by:
A. insurers.
B. the state.
C. the federal government.
D. the insurance commissioner. - correct answer A. insurers.
Risk retention groups do NOT:
A. have the support of state Guaranty Funds.
B. provide liability insurance.
C. spread liability exposure to their members.
D. have permission to operate in Florida. - correct answer A. have the support of state
Guaranty Funds.
Rachel is starting an insurance company in Naples, Florida. She has a great business model and has begun recruiting some fantastic sales people. In addition to submitting to
occasional financial audits in the future, Rachel's company must also:
A. operate in at least one other state.
B. have a physical office with a minimum of 2,500 square feet.
C. become a Lloyd's plan insurer.
D. become a member of a Guaranty Association. - correct answer D. become a member of a Guaranty Association.
Loggers, roofers, and coal miners would fall into which of the following categories?
A. High-risk employees
B. High-maintenance employees
C. Low-risk employees
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